The latest Business Trends report by business advisors and accountants, BDO Stoy Hayward, suggests that both short and medium term business confidence has risen for the first time in 13 months.
Peter Hemington, Partner at BDO Stoy Hayward, commented: “Optimism remains low and businesses expect the economy to continue to contract, but companies are now adapting their business models for an uncertain future. It’s still too early to say if business confidence has hit rock bottom and we’ve already seen a number of false dawns, but this month’s modest increases are encouraging. We must watch carefully to see if this is the start of an upward trend.”
Whilst, optimism is in short supply and the report’s modest increase in short and medium term confidence for the first time in over a year flies in the face of the majority of media coverage we have seen, it is a breath of fresh air to see some positive news. UK owner managers are showing their resilience in taking swift, decisive action to manage their businesses more effectively in these tough economic conditions and no doubt will emerge stronger as a result.
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